Chevron Co. to Post FY2017 Earnings of $4.83 Per Share, Jefferies Group Forecasts (CVX)
Chevron Co. (NYSE:CVX) – Jefferies Group dropped their FY2017 EPS estimates for shares of Chevron in a report released on Wednesday. Jefferies Group analyst J. Gammel now forecasts that the oil and gas company will post earnings per share of $4.83 for the year, down from their previous forecast of $5.33. Jefferies Group has a “Buy” rating and a $147.00 price objective on the stock. Jefferies Group also issued estimates for Chevron’s FY2018 earnings at $7.25 EPS and FY2019 earnings at $8.02 EPS.
Chevron (NYSE:CVX) last announced its quarterly earnings data on Friday, April 28th. The oil and gas company reported $1.41 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.56. The company had revenue of $33.42 billion for the quarter, compared to analysts’ expectations of $34.05 billion. Chevron had a negative net margin of 0.43% and a positive return on equity of 1.26%. The business’s revenue was up 42.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.39) EPS. TRADEMARK VIOLATION NOTICE: “Chevron Co. to Post FY2017 Earnings of $4.83 Per Share, Jefferies Group Forecasts (CVX)” was originally published by American Banking News and is the sole property of of American Banking News. If you are accessing this article on another publication, it was stolen and reposted in violation of US and international trademark & copyright laws. The correct version of this article can be viewed at https://www.americanbankingnews.com/2017/05/19/chevron-co-to-post-fy2017-earnings-of-4-83-per-share-jefferies-group-forecasts-cvx.html.
A number of other analysts have also recently commented on CVX. Wells Fargo & Co reaffirmed a “market perform” rating on shares of Chevron in a research note on Sunday, January 29th. Credit Suisse Group AG reaffirmed a “hold” rating on shares of Chevron in a research note on Friday, March 3rd. Vetr raised Chevron from a “sell” rating to a “hold” rating and set a $109.70 price target for the company in a research note on Tuesday, February 7th. TheStreet cut Chevron from a “b-” rating to a “c” rating in a research note on Friday, February 3rd. Finally, Evercore ISI reaffirmed an “underweight” rating on shares of Chevron in a research note on Monday, February 27th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the stock. Chevron currently has an average rating of “Buy” and a consensus price target of $121.03.
Chevron (NYSE:CVX) opened at 105.17 on Friday. The firm has a market cap of $199.25 billion, a PE ratio of 68.25 and a beta of 1.22. The stock has a 50 day moving average of $106.62 and a 200 day moving average of $110.83. Chevron has a 52 week low of $97.53 and a 52 week high of $119.00.
The company also recently declared a quarterly dividend, which will be paid on Monday, June 12th. Shareholders of record on Friday, May 19th will be given a dividend of $1.08 per share. This represents a $4.32 dividend on an annualized basis and a yield of 4.11%. The ex-dividend date is Wednesday, May 17th. Chevron’s dividend payout ratio (DPR) is currently -1,600.00%.
A number of institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. increased its stake in Chevron by 2,782.4% in the first quarter. BlackRock Inc. now owns 122,703,127 shares of the oil and gas company’s stock valued at $13,174,633,000 after buying an additional 118,446,111 shares during the last quarter. Norges Bank bought a new stake in Chevron during the fourth quarter valued at approximately $2,183,692,000. Boston Partners bought a new stake in Chevron during the third quarter valued at approximately $736,167,000. Vanguard Group Inc. increased its stake in Chevron by 3.5% in the first quarter. Vanguard Group Inc. now owns 135,706,047 shares of the oil and gas company’s stock valued at $14,570,759,000 after buying an additional 4,632,893 shares during the last quarter. Finally, State Street Corp increased its stake in Chevron by 3.3% in the fourth quarter. State Street Corp now owns 117,508,471 shares of the oil and gas company’s stock valued at $13,830,748,000 after buying an additional 3,719,388 shares during the last quarter. 62.50% of the stock is owned by hedge funds and other institutional investors.
Chevron Corporation (Chevron) manages its investments in subsidiaries and affiliates, and provides administrative, financial, management and technology support to the United States and international subsidiaries that engage in integrated energy and chemicals operations. The Company operates through two business segments: Upstream and Downstream.
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